The nation’s largest banks by assets announced first-quarter earnings down 3.1% as legal expenses and debt-related charges weighed, masking a surprise increase in revenue.

J.P. Morgan reported a profit of $5.38 billion, down from $5.56 billion a year earlier. On a per-share basis, earnings were $1.31, up from $1.28 as the share count outstanding declined. The latest quarter included a net 8-cent per-share loss tied to litigation expenses and changes in the value of the bank’s debt.

J.P. Morgan’s investment banking arm bounced back in the first few months of the year, turning in a profit of $1.68 billion, down 29% from a year earlier although more than double what it booked in the fourth quarter.

The bank’s retail services business, which handles consumer and small-business clients, reported a profit of $1.75 billion, compared with a $399 million loss a year earlier and $533 million profit in the fourth quarter.

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